Huntsman raises Q1 EBITDA guidance, again criticizes Starboard's claims
Huntsman (NYSE:HUN) says it now expects Q1 adjusted EBITDA to come in "at or even above the high end" of previous guidance of $350M-$380M, with adjusted EBITDA margin "trending to 17% even in the face of significant energy cost escalation in Europe."
The company says the stronger updated outlook is driven by continued momentum in the Performance Products segment and to a lesser degree in Advanced Materials; in the Polyurethanes segment, headwinds in Europe are being offset by strength in North America and Asia.
Huntsman also issues a letter to shareholders it says is intended to "setting the record straight on Starboard's false and misleading statements."
"The Huntsman of today has completed a comprehensive transformation of its product portfolio and balance sheet and has been steadily delivering record results," the company said, while "Starboard was doing just the opposite, destroying shareholder value at GCP Applied Technologies, the only chemical company whose board and senior management they control."
Starbaord's board candidates "lack critical expertise, add no incremental value, and are not truly independent of Starboard," Huntsman told shareholders last week.